The Sfax permit is flanked on three sides by producing oil and natural gas fields with reserves totalling hundreds of billions of cubic feet of natural gas and hundreds of millions of barrels of oil. At Sfax the partners are targeting four main prospects plus several additional leads. Three of these structures have flowed oil under previous drilling.

Eurogas also holds a 45 percent working interest in Innovative Production Services Ltd. (IPS), which owns and operates a Mobile Offshore Production Unit (MOPU) that the partners intend to use as a production facility if further drilling achieves commercial rates of production. Partners may lease out or sell the MOPU if the vessel is not required for production purposes on company's lands.

On August 5, 2008, Eurogas International Inc. (EII) was launched as an independent company through the distribution of all of its common stock to the shareholders of Eurogas Corporation. Eurogas International Inc. conducts oil and natural gas exploration activities in the Gulf of Gabes offshore Tunisia within the Sfax Exploration Permit and owns oil production equipment through Innovative Production Services Ltd. Each shareholder of Eurogas Corporation received one newly issued common share of EII for every five shares of the Eurogas Corporation shares held. EII was funded with $10 million in treasury. On March 31, 2009, EII began trading on the Canadian National Stock Exchange (CNSX) under the symbol “EI”.